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Philip Morris suspends investments in Russia, scales back manufacturing -Breaking

by Mike Robinson

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© Reuters. Pictured is the Philip Morris logo on a factory located in Serrieres, Switzerland near Neuchatel. December 8, 2017. To match Special report TOBACCO-IQOS/SCIENCEREUTERS/Denis Balibouse

(Reuters] – Philip Morris International Inc. (NYSE:) said Wednesday that its plans to invest in the Russian Federation had been suspended. It also announced it will be reducing manufacturing operations in Ukraine following Moscow’s invasion.

These investments included new product launches, as well as investments in commercial innovation, manufacturing and other areas.

Like many Western companies, including McDonald’s Corp. (NYSE:), the company continues to pay all employees in Russia or Ukraine throughout this time.

Philip Morris’ operations were temporarily suspended in Ukraine by Philip Morris on February 25th. Russia, however, accounted to around 6% of the total 2021 net revenue.

It has a factory in Ukraine with close to 1,300 employees, as well as more than 3,200 Russian workers.

After international sanctions being imposed on Russia, Imperial Brands Plc, UK-listed tobacco manufacturer has been forced to suspend all Russian operations.

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